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I received a lawyer notice , due to non payment of personal loan.
26-Jun-2023 (In Banking / Finance Law)
I took personal loan total amounting to Rs 5 lakhs( taken during various times dunce 2012 ti 2019 as required for my business since year 2012) from my family friend with a mutual understanding to pay zero% intrest . It was agreed that I can pay the loan as per my convenience and as when my business runs properly.
Suddenly yesterday he sent a notice
that I should pay back the loan we'd Jun 2019 with 24% intrest within 15 days or face legal action. Since all these years he didn't give notice but suddenly this notice I am unable to understand why he gave and now how to respond.
My business ( furniture shop) is very much down due to COVID 19 , it's almost zero so I am unable to pay back the loan
Seeking advice as what shall do now for the notice, shall I contact the lawyer
who gave this notice or contact my friend who gave me loan or what else I can do. please advise.
Hi,
Its not personal loan. Personal loans was given by banks only. In your case you borrowed an amount of Rs 5lakhs from your friend with 0% interest.
What is the documents provided by you at the time of transaction. Is there any blank cheques ,property documents, promissory notes provided by you or not?
If you submitted a cheque its a criminal offence . If you given any documents its safe side for you.
please provide complete details for good advice
If he is your family friend , contact him and explain the current situation of your business. Request him for more time to repay the amount.( In case you have submitted empty promissory notes, empty cheques or property documents then contact an Senior advocate immediately)
have a nice day. good luck.
Its not personal loan. Personal loans was given by banks only. In your case you borrowed an amount of Rs 5lakhs from your friend with 0% interest.
What is the documents provided by you at the time of transaction. Is there any blank cheques ,property documents, promissory notes provided by you or not?
If you submitted a cheque its a criminal offence . If you given any documents its safe side for you.
please provide complete details for good advice
If he is your family friend , contact him and explain the current situation of your business. Request him for more time to repay the amount.( In case you have submitted empty promissory notes, empty cheques or property documents then contact an Senior advocate immediately)
have a nice day. good luck.
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Adv. Syam Charan Godi
Hyderabad | 100+ Answers
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